AutoNation launches car subscription service in partnership with Fair

AutoNation, the largest US automotive retailer, has announced a partnership with car subscription specialist Fair. Fair, co-founded by auto finance industry veteran Georg Bauer, offers a month-to-month subscription model that lets consumers shop and sign for a car directly through the Fair app on their smartphone. With Fair, AutoNation dealerships gain a new sales channel that matches car shoppers with the inventory that best fits their needs.

AutoNation launches car subscription service in partnership with Fair

Nov 19, 2018

AutoNation, the largest US automotive retailer, has announced a partnership with car subscription specialist Fair. Fair, co-founded by auto finance industry veteran Georg Bauer, offers a month-to-month subscription model that lets consumers shop and sign for a car directly through the Fair app on their smartphone. With Fair, AutoNation dealerships gain a new sales channel that matches car shoppers with the inventory that best fits their needs.

Daimler and Bosch to trial autonomous ride-hailing

Daimler and Bosch have announced plans to begin trialling an on-demand ride-hailing service using autonomous vehicles. The service will be launched for a selected user community in the Californian city of San José, starting in the second half of 2019. The pilot will use automated Mercedes-Benz S-Class vehicles in the San Carlos/Stevens Creek corridor between downtown and west San José.

Daimler and Bosch to trial autonomous ride-hailing

Nov 19, 2018

Daimler and Bosch have announced plans to begin trialling an on-demand ride-hailing service using autonomous vehicles. The service will be launched for a selected user community in the Californian city of San José, starting in the second half of 2019. The pilot will use automated Mercedes-Benz S-Class vehicles in the San Carlos/Stevens Creek corridor between downtown and west San José.

US dealers see benefits in mobility services

Auto dealers and consumers in the US share similar views on the future of mobility, with both expecting significant future reductions in personal vehicle ownership, according to research from Cox Automotive. A survey of 430 franchised and independent automotive dealers in the US found dealers are predicting an even sharper decline in ownership than consumers over the next five years (28% versus 18%). However, while most of the dealers surveyed recognize this eventual reality, only one-in-10 dealers see mobility as a threat to their current business, according to the second phase of the 2018 Cox Automotive Evolution of Mobility Study: A Dealer’s Perspective.

US dealers see benefits in mobility services

Nov 19, 2018

Auto dealers and consumers in the US share similar views on the future of mobility, with both expecting significant future reductions in personal vehicle ownership, according to research from Cox Automotive. A survey of 430 franchised and independent automotive dealers in the US found dealers are predicting an even sharper decline in ownership than consumers over the next five years (28% versus 18%). However, while most of the dealers surveyed recognize this eventual reality, only one-in-10 dealers see mobility as a threat to their current business, according to the second phase of the 2018 Cox Automotive Evolution of Mobility Study: A Dealer’s Perspective.

Bank of America’s virtual financial assistant reaches 4 million users

Erica, Bank of America's virtual assistant powered by artificial intelligence, has seen demand rocket since being launched. The service has had more than 4 million users since launching in June and Erica has helped with 15 million requests, the bank has revealed. Erica is based on a smartphone app and users can interact with the digital assistant by messaging or voice, using everyday language.

Bank of America’s virtual financial assistant reaches 4 million users

Nov 19, 2018

Erica, Bank of America's virtual assistant powered by artificial intelligence, has seen demand rocket since being launched. The service has had more than 4 million users since launching in June and Erica has helped with 15 million requests, the bank has revealed. Erica is based on a smartphone app and users can interact with the digital assistant by messaging or voice, using everyday language.

 

Is this the end of finance leasing?

New financial models developed to challenge traditional funding products could mean the end for finance lease, experts are claiming. They say the linear economy is dying, ending the cycle of production, individual consumption and waste that has underpinned business development for centuries. Instead, the rise of the sharing economy will see much more intensive use of assets by multiple clients, enabled through innovations in software. This change also sees assets gain a new lease of life as they are repurposed following their initial period of use, finding new clients after they are refurbished and recycled. Find out more in this video provided courtesy of financial software provider White Clarke Group, which features Carmen Ene, CEO, 3 Step IT and Duncan Hullis, country manager UK, De Lage Landen.

Is this the end of finance leasing?

Nov 07, 2018

New financial models developed to challenge traditional funding products could mean the end for finance lease, experts are claiming. They say the linear economy is dying, ending the cycle of production, individual consumption and waste that has underpinned business development for centuries. Instead, the rise of the sharing economy will see much more intensive use of assets by multiple clients, enabled through innovations in software. This change also sees assets gain a new lease of life as they are repurposed following their initial period of use, finding new clients after they are refurbished and recycled. Find out more in this video provided courtesy of financial software provider White Clarke Group, which features Carmen Ene, CEO, 3 Step IT and Duncan Hullis, country manager UK, De Lage Landen.

 
 

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Bibby Financial Services appoints Paul Lomas as global HR director to support international expansion

Bibby Financial Services has appointed Paul Lomas as global HR Director. He joins BFS from Oxford University Press, where he held the role of group HR director, having spent 30 years working with businesses including Lucent Technologies, Santander and WorldPay.

Bibby Financial Services appoints Paul Lomas as global HR director to support international expansion

Nov 19, 2018

Bibby Financial Services has appointed Paul Lomas as global HR Director. He joins BFS from Oxford University Press, where he held the role of group HR director, having spent 30 years working with businesses including Lucent Technologies, Santander and WorldPay.

Aldermore wholesale and structured lending team hits £1bn funding mark

Aldermore, the specialist bank, has reached a lending landmark after delivering more than £1 billion worth of wholesale and structured funding. The achievement comes after the business launched a dedicated team in 2014. The business said one of the key drivers behind the achievement is the team’s ability to prioritise personal relationships and deliver flexible funding arrangements.

Aldermore wholesale and structured lending team hits £1bn funding mark

Nov 19, 2018

Aldermore, the specialist bank, has reached a lending landmark after delivering more than £1 billion worth of wholesale and structured funding. The achievement comes after the business launched a dedicated team in 2014. The business said one of the key drivers behind the achievement is the team’s ability to prioritise personal relationships and deliver flexible funding arrangements.

Call for fleets to protect vulnerable road users

Fleet safety experts have called for employers to enhance training to protect vulnerable road users after research showed those on two wheels are 63 times more likely to be killed or seriously injured per mile travelled than car drivers. On average, a cyclist or motorcyclist is killed or seriously injured every hour on British roads. A new report from road safety charity Brake has been released to coincide with Road Safety Week, which runs from November 19-25. This year, the campaign urges people, particularly drivers, to be ‘Bike Smart’ to raise awareness about the safety of those on two wheels. Cyclists and motorcyclists account for nearly 4 in 10 of all deaths and serious injuries on British roads, a total of 9,740 in 2017. There were 101 cyclist deaths and 349 motorcyclist deaths last year.

Call for fleets to protect vulnerable road users

Nov 19, 2018

Fleet safety experts have called for employers to enhance training to protect vulnerable road users after research showed those on two wheels are 63 times more likely to be killed or seriously injured per mile travelled than car drivers. On average, a cyclist or motorcyclist is killed or seriously injured every hour on British roads. A new report from road safety charity Brake has been released to coincide with Road Safety Week, which runs from November 19-25. This year, the campaign urges people, particularly drivers, to be ‘Bike Smart’ to raise awareness about the safety of those on two wheels. Cyclists and motorcyclists account for nearly 4 in 10 of all deaths and serious injuries on British roads, a total of 9,740 in 2017. There were 101 cyclist deaths and 349 motorcyclist deaths last year.

 

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Realising your digital journey - next steps for asset finance organisations

Download Alfa's latest research into asset finance digitalisation  The asset finance sector, in common with the industries it serves, is experiencing a period of rapid and transformative change, driven by advancements in technology which have led to the emergence of the sharing economy and a new focus on usage rather than ownership. Alfa’s first Digital Directions report, published in 2017, explored leading industry opinion on how digitalisation was changing asset finance. In this follow-up, produced in association with Clarity and Asset Finance International, Alfa looks more closely at where companies have reached in their digital journey.

Realising your digital journey - next steps for asset finance organisations

Nov 06, 2018

Download Alfa's latest research into asset finance digitalisation  The asset finance sector, in common with the industries it serves, is experiencing a period of rapid and transformative change, driven by advancements in technology which have led to the emergence of the sharing economy and a new focus on usage rather than ownership. Alfa’s first Digital Directions report, published in 2017, explored leading industry opinion on how digitalisation was changing asset finance. In this follow-up, produced in association with Clarity and Asset Finance International, Alfa looks more closely at where companies have reached in their digital journey.

Alfa Digital Directions Part Two

  

Data visualisation service for finance specialists launched by Kyriba

Financial management solutions company Kyriba has launched a new service to help finance executives manage the threat of ‘data overload’. Its new business intelligence service aims to go beyond standard reporting by visualising data to make it quicker and easier to make decisions based on available information. The solution, announced at the AFP 2018 Conference in Chicago, provides instant access to current and historical data hosted by Kyriba.

Data visualisation service for finance specialists launched by Kyriba

Nov 12, 2018

Financial management solutions company Kyriba has launched a new service to help finance executives manage the threat of ‘data overload’. Its new business intelligence service aims to go beyond standard reporting by visualising data to make it quicker and easier to make decisions based on available information. The solution, announced at the AFP 2018 Conference in Chicago, provides instant access to current and historical data hosted by Kyriba.

Finance group 1pm plans business expansion following fintech partnership with Quotevine

A strategic plan to create a single vision from a portfolio of separate businesses has prompted a major investment in technology at UK finance company 1pm. The AIM-listed business (the name is derived from ‘one payment monthly’) has grown significantly in recent years following a series of acquisitions covering asset finance, invoice finance, loans and vehicle finance. In addition to One pm Finance, its brands include Academy Leasing (acquired in 2015), Bradgate Business Finance (acquired in 2016); and several businesses acquired in 2017, Positive Cashflow Finance, Gener8 Finance, Intelligent Loans and Car Finance 2U.

Finance group 1pm plans business expansion following fintech partnership with Quotevine

Nov 12, 2018

A strategic plan to create a single vision from a portfolio of separate businesses has prompted a major investment in technology at UK finance company 1pm. The AIM-listed business (the name is derived from ‘one payment monthly’) has grown significantly in recent years following a series of acquisitions covering asset finance, invoice finance, loans and vehicle finance. In addition to One pm Finance, its brands include Academy Leasing (acquired in 2015), Bradgate Business Finance (acquired in 2016); and several businesses acquired in 2017, Positive Cashflow Finance, Gener8 Finance, Intelligent Loans and Car Finance 2U.

New MD joins Close Brothers Asset Finance Germany to lead growing team

Joachim Otto has been appointed to lead the German arm of Close Brothers Asset Finance. Otto (pictured) joins from IKB Leasing and is a leasing specialist with more than 30 years’ experience in the industry. His background includes sales and sales management; business development and general management. Steve Gee, CEO of Close Brothers Asset Finance’s industrial equipment division, said: “We are delighted to welcome Joachim to the team. His considerable experience and knowledge of the German leasing market make him perfectly placed to lead our team and help them continue to grow.”

New MD joins Close Brothers Asset Finance Germany to lead growing team

Nov 09, 2018

Joachim Otto has been appointed to lead the German arm of Close Brothers Asset Finance. Otto (pictured) joins from IKB Leasing and is a leasing specialist with more than 30 years’ experience in the industry. His background includes sales and sales management; business development and general management. Steve Gee, CEO of Close Brothers Asset Finance’s industrial equipment division, said: “We are delighted to welcome Joachim to the team. His considerable experience and knowledge of the German leasing market make him perfectly placed to lead our team and help them continue to grow.”


 

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Japanese finance giant MUL buys into US market with ENG acquisition

Mitsubishi UFJ Lease & Finance Company (MUL) has announced the acquisition of ENGS Commercial Finance, as part of a push into the US market. In Japan, MUL is well-known for delivering vendor-based financing products and in 2015 it began expanding internationally by launching a dedicated business in Thailand. The US acquisition is the next step in its global growth plans.

Japanese finance giant MUL buys into US market with ENG acquisition

Nov 09, 2018

Mitsubishi UFJ Lease & Finance Company (MUL) has announced the acquisition of ENGS Commercial Finance, as part of a push into the US market. In Japan, MUL is well-known for delivering vendor-based financing products and in 2015 it began expanding internationally by launching a dedicated business in Thailand. The US acquisition is the next step in its global growth plans.

Ally increases Carvana funding to $2.3bn

Ally Financial is deepening its relationship with online used car specialist Carvana with plans to commit up to $2.3 billion in financing over the next 12 months to support retail contracts and inventory needs for its e-commerce platform. Now in its third year of financing agreements with Carvana, Ally will provide up to $1.25 billion for bulk purchases, in addition to providing a $350 million warehouse credit facility. A $650 million floorplan credit line includes a two-year commitment and represents an increase of $300 million over the existing credit line.

Ally increases Carvana funding to $2.3bn

Nov 09, 2018

Ally Financial is deepening its relationship with online used car specialist Carvana with plans to commit up to $2.3 billion in financing over the next 12 months to support retail contracts and inventory needs for its e-commerce platform. Now in its third year of financing agreements with Carvana, Ally will provide up to $1.25 billion for bulk purchases, in addition to providing a $350 million warehouse credit facility. A $650 million floorplan credit line includes a two-year commitment and represents an increase of $300 million over the existing credit line.

Ford partners with Baidu for autonomous vehicle testing in China

Ford Motor Company and the leading Chinese language internet search provider Baidu are to begin a two-year joint autonomous vehicle test project, under which the two companies will further advance the development and on-road testing of autonomous vehicles in China. The Baidu-Ford L4 Autonomous Vehicle Test Project is a two-year initiative, with on-road testing slated to begin by the end of this year. Ford and Baidu will jointly develop and test autonomous vehicles that are designed to operate autonomously within a specific geographic area and under certain weather conditions.

Ford partners with Baidu for autonomous vehicle testing in China

Nov 09, 2018

Ford Motor Company and the leading Chinese language internet search provider Baidu are to begin a two-year joint autonomous vehicle test project, under which the two companies will further advance the development and on-road testing of autonomous vehicles in China. The Baidu-Ford L4 Autonomous Vehicle Test Project is a two-year initiative, with on-road testing slated to begin by the end of this year. Ford and Baidu will jointly develop and test autonomous vehicles that are designed to operate autonomously within a specific geographic area and under certain weather conditions.

Strong growth for UK used car finance as new car funding drops sharply

New business volumes in the point of sale (POS) consumer new car finance market fell by 16% in September, compared with the same month in 2017, latest figures from the Finance & Leasing Association have revealed. The volume of new business was 14% lower over the same period. By contrast, the value of used car finance rose by 9% year-on-year in September, while volumes were up 3%. During Q3 2018 overall, new car finance business fell 4% by value and 6% by volume, while used cars saw growth of 12% and 6% respectively.

Strong growth for UK used car finance as new car funding drops sharply

Nov 08, 2018

New business volumes in the point of sale (POS) consumer new car finance market fell by 16% in September, compared with the same month in 2017, latest figures from the Finance & Leasing Association have revealed. The volume of new business was 14% lower over the same period. By contrast, the value of used car finance rose by 9% year-on-year in September, while volumes were up 3%. During Q3 2018 overall, new car finance business fell 4% by value and 6% by volume, while used cars saw growth of 12% and 6% respectively.

IT finance drives growth in UK asset finance market

Asset finance new business (primarily leasing and hire purchase) in the UK grew by 6% during Q3 2018 compared to the same period last year, according to new figures released by the Finance & Leasing Association (FLA). For the year to the end of September, new business grew by 3%, the new research shows. The biggest growth is in IT finance, which was up 47% in the third quarter and 60% in September, compared to the same period last year.

IT finance drives growth in UK asset finance market

Nov 08, 2018

Asset finance new business (primarily leasing and hire purchase) in the UK grew by 6% during Q3 2018 compared to the same period last year, according to new figures released by the Finance & Leasing Association (FLA). For the year to the end of September, new business grew by 3%, the new research shows. The biggest growth is in IT finance, which was up 47% in the third quarter and 60% in September, compared to the same period last year.

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Cadillac pauses car subscriptions as BMW and Daimler report mobility service growth

Cadillac has announced it will “temporarily pause” its car subscription service in the US next mon...

Cadillac pauses car subscriptions as BMW and Daimler report mobility service growth

Nov 07, 2018

Auto Finance Technology Developments you need to know

Download the latest issue of  Auto Finance Technology by completing the form below The lates...

Auto Finance Technology Developments you need to know

Nov 08, 2018

Dealflo Agreement Automation